Global oil demand rose by 3 million barrels per day (mbd) month-on-month in March to the highest level ever recorded by Joint Organisations Data Initiative (JODI)-reporting countries.
The demand surge is driven by growth in China and the US.
China’s total product demand has increased by 1.6 mbd month-on-month to 16.79 mbd in March.
Global crude oil production, however, fell by 0.5 mbd in March, on account of lower production in the US, China, Angola, Canada, and the UK.
Global inventories of refined products fell by 39.6 mb in March while crude inventories declined by 0.7 mb. Total crude and product inventories remained 336 mb below the five-year average.
The March demand and production data, however, does not include data for Russia.
Global natural gas demand declined seasonally in March by 14.7 bcm.
EU+UK natural gas demand declined by 3 bcm and was about 16 percent below seasonal average levels.
The region’s gas inventories drew by 4.96 bcm in March and stood at 54 percent full at the end of the month.
The JODI oil and gas databases were updated on Thursday with more than 48 countries reporting oil data for March and 55 countries reporting natural gas data.
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